Replacing the butt leather is a very viable option. I have had good results. Several Journal articles have given very practical advice. I've just reviewed Bill Spurlock's article in the December 1991 journal, but I see others listed that I anticipate would be excellent -- Rappaport in January 1981, Don Valley in February 1996, and Chuck Behm in May, June and August 2016.
I have not typically replaced the cloth under the leather, but you'll have to evaluate what lies in front of you. I have used a piano cloth guillotine to cut my own leather pieces, but precut might be available, especially given the number of Baldwins that had the Corfam issue.
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Floyd Gadd RPT
Regina SK
(306) 502-9103
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